Peter Schiff gets a little more blunt in this video. He states “the government is manufacturing these numbers”.
Peter Schiff is asked point blank on how far the Dow will drop. Peter hesitates, but then explains that it also depends on what the dollar will be worth. His answer for me makes sense with the high posibility of inflation or even hyperinflation which could easily skew the actual meaning of the rise and fall of the Dow. Peter later though explains that he feels that the Dow is more appropriately to be explained in terms of bars of gold. He later states that the Dow will soon be worth one ounce of gold. Currently, he states that gold is worth 900 dollars an ounce.
Try assimilating the video from 3:03. The other speaker has stated that Peter has been a bear since 2002, when the market was a lot lower. Peter then replies that the market is really lower now in terms of real money. He says that one should look at the Dow in terms of gold, euro’s, australian dollars, canadian dollars.